If You Own Real Estate, Your Will Must Go Through Probate.
If you own real estate in California and think that having a Will will avoid probating your estate when you pass away, you are likely to be mistaken and misinformed.
Generally, if you (as an unmarried person) own your home or rental property in your name alone (not held in joint tenancy with anyone) or as tenants in common with others, your interest in the home or rental property will go through probate.
A Will or no Will -- Probate Still Happens.
Unless you have less than $100,000 in assets requiring probate you can use a Small Estate Affidavit procedure thereby avoiding probate. See California Probate Code Section 13100 et. seq. This does not work for real property in most instances.
I bring this up because a potential client told me yesterday that his bankruptcy attorney told him that if he had a Will his house would go to his parents without probate. I am not kidding! When in doubt, do your homework on the internet or ask an estate planning attorney. I answer questions about estate planning all day long without charging anyone. A quick email or a quick mention in person will always elicit an answer from me.
Of course, there may be a exception. An exception could be owning property in joint tenancy with right of survivorship or being married. Seek the advice of an estate planning attorney if probate avoidance is your goal.
Well. if that is really needed, why not to go through probate. Anyway, thanks for the infos. I've learned a lot.
-joicee-
Posted by: real estate in philippines | July 03, 2009 at 12:07 AM